10 firms mull temporary move from overburdened HCM City bourse to Hanoi

The chronic congestion on the Ho Chi Minh Stock Exchange has caused losses for investors. Ten companies are considering temporarily switching their listing to Hanoi.  (Photo: VNA)

HCM City (VNS/VNA) - Ten companies are sounding out shareholders to temporarily switch their listing from the Ho Chi Minh Stock Exchange to the Hanoi Stock Exchange since the former’s system is overloaded and smooth trading has become difficult.

They include VNDirect Securities JSC, Bank for Investment and Development of Vietnam Securities JSC, PAN Group JSC and its seven subsidiaries, Sao Ta Foods JSC, Vietnam National Seed Group JSC, Southern Seed JSC, Aquatex Bến Tre JSC, Bibica JSC, Long An Food Processing Export JSC and Vietnam Fumigation JSC. 

The Ho Chi Minh Stock Exchange (HoSE) is awaiting installation of a new trading system by the Korean stock exchange.

The temporary switch by companies is one of several solutions being considered by Government agencies to address the congestion, which is increasingly hindering trading, affecting investor sentiment.

The State Securities Commission (SSC) has called on the Hanoi Stock Exchange (HNX) and Việt Nam Securities Depository to promptly accept companies moving from HoSE, ignoring their normal review process.

Other solutions like increasing the minimum trading lot to 1,000 shares and not allowing amending or cancelling orders are also being considered./.

VNA